Turkish Banks Roll Out 24/7 Gold Sales Through ATMs

Turkish banks have introduced a new service that allows customers to buy physical gold through ATMs in major cities, available around the clock. This move aims to cater to customers who want to purchase gold outside regular business hours, such as evenings and weekends when jewelry stores are closed.

The rollout starts with pilot ATMs in major cities and banks plan to expand the system across their ATM networks if customer demand proves strong. Customers can buy certified gold grams through these dedicated modules on bank ATMs. The service also covers other products like gram gold, quarter coins, Republic coins, and bracelets.

Turkish refineries supply the gold, which is packaged in tamper-resistant, bank-branded wrapping to prevent counterfeiting issues that occurred in the past. With this new system, consumers in Turkey now have four main ways to obtain physical gold: Mint Certificates (S1) traded on Borsa Istanbul, jewelry stores, bank ATMs, and designated pickup points.

However, ATM purchases generally cost more than buying from traditional jewelers due to two additional costs: a bid-ask spread set by the bank and a physical delivery and minting commission. The World Gold Council estimates Turkey's gold demand at 71.1 tons in 2025, despite a 37% decline from the previous year amid record-breaking gold prices.